IRI Supports Wagner Legislation to Repeal Fiduciary Rule

IRI Supports Wagner Legislation to Repeal Fiduciary Rule

PASS Act would establish a workable best-interest standard

WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from President and CEO Cathy Weatherford in response to the introduction of new legislation which would repeal the Department of Labor’s (DOL) fiduciary rule and establish a best-interest standard through the Securities and Exchange Commission (SEC).

“IRI commends Chairwoman Ann Wagner (R-Missouri) for her leadership in developing and introducing The Protecting Advice for Small Savers (PASS) Act of 2017. This legislation will repeal the Department of Labor's fiduciary rule and establish a best interest standard of conduct in federal securities law. IRI has long supported the establishment of such a standard of care - a standard that permits access to retirement advice and preserves American retirement savers' ability to choose from a wide array of lifetime income products. As evidenced by comments recently submitted to the Department of Labor regarding the latest delay proposal, the fiduciary rule has proven to be overly burdensome and complex, and has created barriers which have made it increasingly difficult for Americans to access affordable advice from financial professionals. At a time when Americans are shouldering the responsibility of preparing for their retirement, it is essential that access to professional advice and product choice be preserved. IRI remains committed to working with Chairwoman Wagner and all Members of Congress to enact a workable best interest standard."

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For a PDF of this release, please click here.
Contact: John B. Jennings